BANK OF MAHARASHTRA Announces Quarterly Results (2QFY22); Net Profit Up 102.4%

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BANK OF MAHARASHTRA Announces Quarterly Results (2QFY22); Net Profit Up 102.4%
Tue, 26 Oct

BANK OF MAHARASHTRA has announced its results for the quarter ended September 2021. Here is a detailed performance review of the same:

BANK OF MAHARASHTRA Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-20*
3
Jun-21*
3
Sep-21*
QoQ ChangeYoY Change
Operating incomeRs m28,67931,03732,0733.3%11.8%
Other incomeRs m4,0226,9074,932-28.6%22.6%
Total revenuesRs m32,70137,94437,004-2.5%13.2%
InterestRs m17,47216,97417,0750.6%-2.3%
Gross Profit Rs m11,20714,06314,9986.6%33.8%
Other expensesRs m7,6619,8679,319-5.6%21.6%
Profit before taxRs m3,8524,5995,45418.6%41.6%
TaxRs m2,5472,5202,81511.7%10.5%
Profit after taxRs m1,3042,0792,64027.0%102.4%
Gross profit margin %39.145.346.8
Effective tax rate%66.154.851.6
Net profit margin%4.56.78.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter grew 11.8% on a year-on-year (YoY) basis. The interest expended was down by 2.3% YoY during the same period.
  • The bank's operating profit increased by 33.8% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 46.8% in 2QFY22 as against 39.1% in 2QFY21.
  • Other income increased by 22.6% YoY during the quarter.
  • Net profit for the quarter increased by 102.4% YoY. Net profit margins during the quarter increased from 4.5% in 2QFY21 to 8.2% in 2QFY22.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 3.3% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 0.6% QoQ during the same period.
  • The bank's operating profit increased by 6.6% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 46.8% in 2QFY22 as against 45.3% in 1QFY21.
  • Net profit for the quarter increased by 27.0% QoQ, while net profit margins increased from 6.7% in 1QFY21 to 8.2% in 2QFY22.

To see how BANK OF MAHARASHTRA has performed over the last eight quarters,please visit here.

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BANK OF MAHARASHTRA Share Price Performance

Over the last one year, BANK OF MAHARASHTRA share price has moved up from Rs 11.4 to Rs 21.6, registering a Gain of Rs 10.1 or around 88.4%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 47,156.8 (down 0.0%). Over the last one year it has moved up from 27,413.2 to 47,156.8, a gain of 19,744 points (up 72.0%).

Overall, the S&P BSE SENSEX is up 51.0% over the year.

Current Valuations

At the current price of Rs 21.6, the price to earnings (P/E) ratio of BANK OF MAHARASHTRA stands at 17.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.1 times.

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